v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
The following tables detail our debt obligations as of September 30, 2026 and December 31, 2025:
($ In thousands)September 30, 2026
Description of DebtMaturityInterest RatePrincipal Amount
Carrying Value (1)
Revolving Credit Facility
USD Borrowings (2)
February 3, 2029
SOFR + 0.85%
$— $— 
CAD Borrowings (2)
February 3, 2029
CORRA + 0.85%
245,945 245,945 
GBP Borrowings (2)
February 3, 2029
SONIA + 0.85%
21,887 21,887 
MGM Grand/Mandalay Bay CMBS DebtMarch 5, 2032
3.558%
3,000,000 2,847,858 
2027 Maturities
5.750% Notes
February 1, 20275.750%750,000 750,732 
3.750% Notes
February 15, 20273.750%750,000 749,371 
2028 Maturities
4.500% Notes
January 15, 20284.500%350,000 346,677 
4.750% Notes
February 15, 2028
4.516% (3)
1,250,000 1,246,526 
4.750% Notes
April 1, 20284.750%400,000 398,005 
2029 Maturities
3.875% Notes
February 15, 20293.875%750,000 722,408 
4.625% Notes
December 1, 20294.625%1,000,000 994,932 
2030 Maturities
4.950% Notes
February 15, 2030
4.541% (3)
1,000,000 994,118 
4.125% Notes
August 15, 20304.125%1,000,000 994,220 
2031 Maturities
5.400% Notes
October 15, 2031
5.406% (3)
900,000 891,799 
5.125% Notes
November 15, 2031
4.969% (3)
750,000 742,871 
2032 Maturities
5.125% Notes
May 15, 2032
3.980% (3)
1,500,000 1,488,452 
2034 Maturities
5.750% Notes
April 1, 2034
5.689% (3)
550,000 542,683 
2035 Maturities
5.625% Notes
April 1, 2035
5.601% (3)
900,000 886,584 
2036 Maturities
5.750% Notes
October 15, 2036
5.440% (3)
850,000 828,387 
2052 Maturities
5.625% Notes
May 15, 20525.625%750,000 737,213 
2054 Maturities
6.125% Notes
April 1, 2054
6.125%
500,000 486,266 
Total Debt
4.567% (4)
$17,217,832 $16,916,934 
($ In thousands)December 31, 2025
Description of Debt
Maturity		Interest RatePrincipal Amount
Carrying Value (1)
Revolving Credit Facility
USD Borrowings (2)
February 3, 2029
SOFR + 0.85%
$— $— 
CAD Borrowings (2)
February 3, 2029
CORRA + 0.85%
120,219 120,219 
GBP Borrowings (2)
February 3, 2029
SONIA + 0.85%
22,234 22,234 
MGM Grand/Mandalay Bay CMBS DebtMarch 5, 20323.558%3,000,000 2,827,515 
2026 Maturities
4.500% Notes
September 1, 20264.500%500,000 496,596 
4.250% Notes
December 1, 20264.250%1,250,000 1,247,385 
2027 Maturities
5.750% Notes
February 1, 20275.750%750,000 752,382 
3.750% Notes
February 15, 20273.750%750,000 748,114 
2028 Maturities
4.500% Notes
January 15, 20284.500%350,000 344,756 
4.750% Notes
February 15, 2028
4.516% (3)
1,250,000 1,244,632 
4.750% Notes
April 1, 20284.750%400,000 397,012 
2029 Maturities
3.875% Notes
February 15, 20293.875%750,000 713,898 
4.625% Notes
December 1, 20294.625%1,000,000 993,732 
2030 Maturities
4.950% Notes
February 15, 2030
4.541% (3)
1,000,000 992,815 
4.125% Notes
August 15, 20304.125%1,000,000 993,101 
2031 Maturities
5.125% Notes
November 15, 2031
 4.969% (3)
750,000 741,828 
2032 Maturities
5.125% Notes
May 15, 2032
3.980% (3)
1,500,000 1,486,918 
2034 Maturities
5.750% Notes
April 1, 2034
5.689% (3)
550,000 541,956 
2035 Maturities
5.625% Notes
April 1, 2035
5.601% (3)
900,000 885,409 
2052 Maturities
5.625% Notes
May 15, 20525.625%750,000 736,842 
2054 Maturities
6.125% Notes
April 1, 20546.125%500,000 485,897 
Total Debt
4.464% (4)
$17,092,453 $16,773,241 
____________________
(1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.
(2)Borrowings under the Revolving Credit Facility bear interest at a rate based on a credit rating-based pricing grid with a range of 0.70% to 1.40% margin plus SOFR (or Canadian Overnight Repo Rate Average (“CORRA”) or Sterling Overnight Index Average (“SONIA”), as applicable), depending on our credit ratings and total leverage ratio. Additionally, the facility fees under the Revolving Credit Facility are calculated on a credit rating-based pricing grid with a range of 0.10% to 0.30%, depending on our credit ratings and total leverage ratio. For the three and nine months ended September 30, 2026, the commitment fee for the Revolving Credit Facility averaged 0.20%.
(3)Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 – Derivatives).
(4)The interest rate represents the weighted average interest rates of the Senior Unsecured Notes adjusted to account for the impact of the forward-starting interest rate swaps (as further described in Note 8 – Derivatives), as applicable. The contractual weighted average interest rate as of September 30, 2026, which excludes the impact of the forward-starting interest rate swaps and treasury locks, was 4.73%.
The following table is a schedule of future minimum principal payments of our debt obligations as of September 30, 2026:
(In thousands)Future Minimum Principal Payments
2026 (remaining)$— 
20271,500,000 
20282,000,000 
20292,017,832 
20302,000,000 
20311,650,000 
Thereafter8,050,000 
Total minimum principal payments$17,217,832 
Senior Unsecured Notes
As set forth in the above table, as of September 30, 2026, our outstanding senior unsecured notes consist of (i) $1.00 billion aggregate principal amount of Senior Notes issued on November 26, 2019 (the “November 2019 Notes”), (ii) $1.75 billion aggregate principal amount of Senior Notes issued on February 5, 2020 (the “February 2020 Notes”), (iii) $4.50 billion aggregate principal amount of Senior Notes issued on April 29, 2022 (the “April 2022 Notes”), (iv) approximately $1.81 billion aggregate principal amount of Senior Notes issued on April 29, 2022, in each case issued by VICI LP and VICI Note Co. Inc. (the “Exchange Notes”), (v) approximately $44.1 million aggregate principal amount of Senior Notes, which were originally issued by MGM Growth Properties Operating Partnership LP and a co-issuer (the “MGP OP Notes”) and remain outstanding following the issuance of the Exchange Notes pursuant to the exchange offer and consent solicitation for the then-outstanding MGP OP Notes, which settled in connection with the completion of our acquisition of MGP on April 29, 2022, (vi) $1.05 billion aggregate principal amount of Senior Notes issued on March 18, 2024 (the “March 2024 Notes”), (vii) $750.0 million aggregate principal amount of Senior Notes issued on December 19, 2024 (the “December 2024 Notes”), (viii) $1.30 billion aggregate principal amount of Senior Notes issued on April 7, 2025 (the “April 2025 Notes”), and (ix) $1.75 billion aggregate principal amount of Senior Notes issued on August 14, 2026 (the “August 2026 Notes”). The outstanding November 2019 Notes, February 2020 Notes, April 2022 Notes, Exchange Notes, MGP OP Notes, March 2024 Notes, December 2024 Notes, April 2025 Notes and August 2026 Notes are collectively referred to as the “Senior Unsecured Notes”.
On August 14, 2026, VICI LP issued the August 2026 Notes comprised of (i) $900.0 million aggregate principal amount of 5.400% Senior Notes due 2031, which mature on October 15, 2031, and (ii) $850.0 million aggregate principal amount of 5.750% Senior Notes due 2036, which mature on October 15, 2036, in each case pursuant to an indenture dated as of April 29, 2022, as supplemented by a supplemental indenture dated as of August 14, 2026, between VICI LP and UMB Bank, National Association, as the trustee. We used the net proceeds of the August 2026 Notes to redeem our then-outstanding (i) $480.5 million aggregate principal amount of 4.500% Exchange Notes due 2026, (ii) $1.25 billion aggregate principal amount of 4.250% November 2019 Notes due 2026, and (iii) $19.5 million aggregate principal amount of 4.500% MGP OP Notes due 2026.
Subject to the terms and conditions of the applicable indentures (including supplemental indentures, collectively “indentures”), each series of Senior Unsecured Notes is redeemable at our option, in whole or in part, at any time for a specified period prior to the maturity date of such series at the redemption prices set forth in the applicable indenture. In addition, we may redeem some or all of such notes prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium or on such other terms as specified in the applicable indenture.
Guarantee and Financial Covenants
None of the Senior Unsecured Notes are guaranteed by any subsidiaries of VICI LP. The Exchange Notes, the MGP OP Notes, the April 2022 Notes, the March 2024 Notes, the December 2024 Notes, the April 2025 Notes and the August 2026 Notes benefit from a pledge of the limited partnership interests of VICI LP directly owned by VICI OP (the “Limited Equity Pledge”). The Limited Equity Pledge has also been granted in favor of (i) the administrative agent and the lenders under the Credit Agreement (as defined below), and (ii) the trustee under the indentures governing, and the holders of, the November 2019 Notes and the February 2020 Notes.
Pursuant to the terms of the respective indentures, in the event that the November 2019 Notes, February 2020 Notes and Exchange Notes (i) are rated investment grade by at least two of S&P, Moody’s and Fitch and (ii) no default or event of default has occurred and is continuing under the respective indentures, VICI LP and its restricted subsidiaries will no longer be subject to certain of the restrictive covenants under such indentures. On April 18, 2022, the November 2019 Notes, February 2020 Notes and Exchange Notes were rated investment grade by each of S&P and Fitch and VICI LP notified the trustee of such Suspension Date (as defined in the indentures). Accordingly, VICI LP and its restricted subsidiaries currently are not subject to certain of the restrictive covenants under such indentures, but are subject to a maintenance covenant requiring VICI LP and its restricted subsidiaries to maintain a certain total unencumbered assets to unsecured debt ratio. In the event that the November 2019 Notes, February 2020 Notes and Exchange Notes are no longer rated investment grade by at least two of S&P, Moody’s and Fitch, then VICI LP and its restricted subsidiaries will again be subject to all of the covenants of the respective indentures, as applicable, but will no longer be subject to the maintenance covenant.
The indentures governing each of the April 2022 Notes, March 2024 Notes, December 2024 Notes, April 2025 Notes and August 2026 Notes contain certain covenants that limit the ability of VICI LP and its subsidiaries to incur secured and unsecured indebtedness and limit VICI LP’s ability to consummate a merger, consolidation or sale of all or substantially all of its assets. In addition, VICI LP is required to maintain total unencumbered assets of at least 150% of total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications.
Unsecured Credit Facilities
On February 3, 2025, we entered into a credit agreement by and among VICI LP, the lenders party thereto, and Wells Fargo Bank, N.A., as administrative agent, as amended from time to time (the “Credit Agreement”), providing for a revolving credit facility in the amount of $2.5 billion scheduled to mature on February 3, 2029 (the “Revolving Credit Facility”).
The Revolving Credit Facility includes two six-month maturity extension options (or one twelve-month extension option), the exercise of which in each case is subject to customary conditions and the payment of an extension fee of (i) 0.0625% on the extended commitments, in the case of each six-month extension of the Revolving Credit Facility, and (ii) 0.125% on the extended commitments, in the case of a twelve-month extension of the Revolving Credit Facility. The Revolving Credit Facility includes the option (i) to increase the revolving loan commitments by up to $1.0 billion and (ii) to add one or more tranches of term loans of up to $2.0 billion in the aggregate, in each case, to the extent that any one or more lenders (from the syndicate or otherwise) agree to provide such additional credit extensions.
Borrowings under the Revolving Credit Facility will bear interest, at VICI LP’s option, for U.S. Dollar borrowings at either (i) a rate based on SOFR plus a margin ranging from 0.70% to 1.40%, or (ii) a base rate plus a margin ranging from 0.00% to 0.40%, in each case, with the actual margin determined according to VICI LP’s debt ratings and total leverage ratio. The base rate is the highest of (i) the prime rate of interest last quoted by the Wall Street Journal in the U.S. then in effect, (ii) the NYFRB rate from time to time plus 0.5% and (iii) the SOFR rate for a one-month interest period plus 1.0%, subject to a floor of 1.0%. In addition to U.S. Dollar borrowings, borrowings under the Revolving Credit Facility are also available in certain specific foreign currencies, bearing interest based on rates customary for such foreign currencies and subject to the same applicable margins for U.S. Dollar borrowings. In addition, the Revolving Credit Facility requires the payment of a facility fee ranging from 0.10% to 0.30% (depending on VICI LP’s debt ratings and total leverage ratio) of total commitments. The Revolving Credit Facility may be voluntarily prepaid in full or in part at any time, subject to customary breakage costs, if applicable.
The Credit Agreement contains customary representations and warranties and affirmative, negative and financial covenants. Such covenants include restrictions on mergers, affiliate transactions, and asset sales as well as certain financial maintenance covenants. The Credit Agreement also includes customary events of default, the occurrence of which, following any applicable grace period, would permit the lenders to, among other things, declare the principal, accrued interest and other obligations of VICI LP under the Credit Agreement to be immediately due and payable. The Credit Agreement is consistent with certain tax-related requirements related to security for our debt.
As of September 30, 2026, we had C$350.0 million and £16.5 million (US$245.9 million and US$21.9 million, respectively, based on applicable exchange rates) outstanding on the Revolving Credit Facility in connection with the funding of a portion of our Canadian investments and our United Kingdom investments, respectively.
MGM Grand/Mandalay Bay CMBS Debt
Our investment in the real estate assets of the MGM Grand and Mandalay Bay, through an entity that holds these assets (the “MGM Grand/Mandalay Bay PropCo”), is financed with CMBS debt (the “MGM Grand/Mandalay Bay CMBS Debt”) and is
secured primarily by mortgages on our fee interest in the real estate assets of these two properties. The MGM Grand/Mandalay Bay CMBS Debt has a current outstanding principal balance of $3.0 billion, matures in March 2032 and bears interest at 3.558% per annum until March 2030, at which time the rate can change in accordance with the terms of the MGM Grand/Mandalay Bay CMBS loan agreement until maturity. The MGM Grand/Mandalay Bay CMBS loan agreement contains certain customary affirmative and negative covenants and events of default, including, among other things, restrictions on the ability of the MGM Grand/Mandalay Bay PropCo and certain of its affiliates to incur additional debt and transfer, pledge or assign certain equity interests or its assets, and covenants requiring certain affiliates of the MGM Grand/Mandalay Bay PropCo to exist as “special purpose entities,” maintain certain ongoing reserve funds and comply with other customary obligations for commercial mortgage-backed securities loan financings.
Financial Covenants
As described above, our debt obligations are subject to certain customary financial and protective covenants that restrict VICI LP, VICI PropCo and its subsidiaries’ ability to incur additional debt, sell certain assets and restrict certain payments, among other things. These covenants are subject to a number of exceptions and qualifications, including the ability to make restricted payments to maintain our REIT status. At September 30, 2026, we were in compliance with all financial covenants under our debt obligations.